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Market Updates

San Miguel Real Estate Market Update – October 2025

We are pleased to announce that by early October, we had already surpassed the total sales volume of 2024— and we still have two more months in 2025! Sales Overview Resale activity across all price ranges slowed in October. Notably, specific price segments experienced significant declines. For instance, there was only one resale each in the price ranges of $600k-$800k and $1M-$1.5M, which resulted in showing unusually high months of inventory for those segments.  As you review the sales data
Philip Hardcastle · Nov 10, 2025

San Miguel Real Estate Market Update – September 2025

We’re proud to share that San Miguel de Allende has once again been named the Best Small City in the World by the CondĂ© Nast Traveler Readers’ Choice Awards. If we’re counting correctly, this marks five consecutive years that San Miguel has earned this distinction—a testament to its enduring charm and global appeal.  📈 Sales Overview Resale activity remains strong. In just the first nine months of 2025, resale transactions are only six sales shy of surpassing all of 2024’s reported resales—a c
Philip Hardcastle · Oct 10, 2025

San Miguel Real Estate Market Update August 2025

While August saw a slight dip in home resales compared to July, the market remains active and healthy. With year-to-date performance still strong, 2025 is on track to become our best year for home resales since we began tracking. Inventory Accuracy Our database is now reflecting a more realistic number of listings. However, because not all agencies are participating in the same MLS, we believe the total inventory remains underrepresented.  MLS System Transition AMPI San Miguel continues to nav
Philip Hardcastle · Sep 04, 2025

San Miguel Real Estate Market Update – July 2025

 Welcome to our July 2025 San Miguel Real Estate Market Update.  Sales Overview Home resales in July saw a significant increase compared to previous months. However, it's important to note that July's reporting period covered five weeks, whereas the prior month included only four. If this pace continues, 2025 is on track to become the strongest year for home resales since we began tracking  Inventory Accuracy The reported number of homes sold is accurate. However, current inventory figures co
Philip Hardcastle · Aug 12, 2025

San Miguel Real Estate Market Update – June 2025

Welcome to our June 2025 San Miguel Real Estate Market Update. 📈 Sales Overview Home resales in June surpassed the numbers recorded in the same month last year, though they fell slightly below this year’s monthly average. Despite this variation, we remain confident that 2025 will set a new benchmark for total resale volume, exceeding previous annual records. 📊 Inventory Accuracy The reported number of homes sold is accurate. However, current inventory figures reflect fewer properties than ar
Philip Hardcastle · Jul 11, 2025

San Miguel Real Estate Market Update for May 2025

Welcome to Our Real Estate Market Update for May 2025. Although May was the slowest month this year, which is typical, the number of resale sales still exceeded the number of resale sales in May of 2024. Overall, we have seen over 46 sales per month in 2025 compared to 32 per month in 2024. If sales continue as they have in the first five months of this year we are on track to seeing close to 560 resale sales compared to 389 last year. That would reflect a 43% increase in the total number of sa
Philip Hardcastle · Jun 16, 2025

San Miguel Real Estate Market Update April 2025

Sales of resale homes in San Miguel de Allende continue to be strong. Compared to the end of April of 2024. We have seen 190 properties put under contract as of the end of April, compared to 136 at the end of April 2024.
Philip Hardcastle · May 13, 2025

Real Estate Market Update for March 2025, San Miguel de Allende

Sales of resale homes in San Miguel de Allende continue to be strong. Comparing the first quarter of 2025 to 2024 sales volume is up 54% and the total dollar amount is up 37%. March 2025 Year to Date 2024 All Properties Under Contract 55 150 389 Total USD $28,425,200 $86,951,021 $253,029,850 Average Price $516,822 $579,673 $650,462 Only Homes February Homes Sold Homes for Sale Months of Inventory Homes Closed 31 623 20 Total USD $24,165,576 Average Price $779,535 -
Philip Hardcastle · Apr 12, 2025

Welcome to Our Real Estate Market Update for February 2025.

Welcome to Our Real Estate Market Update for February 2025. Sales of resale homes in San Miguel de Allende continue to be extraordinarily strong. Comparing year to date data at the end of February 2025 to the average sales in 2024, sales volume is up 46% and the dollar average is up 38%. San Miguel real estate is seeing a momentous year so far. Where's the market going? We keep our fingers on the pulse of geopolitical trends both internationally and locally which will affect the real estate m
Philip Hardcastle · Mar 03, 2025

January 2025 San Miguel de Allende Real Estate Market Update

Welcome to Our Real Estate Market Update. Resales of homes in San Miguel de Allende are off to a great start in 2025. Compared to the average sales in 2024 the volume of sales is up over 17% and the dollar volume is up by over 12%. Although this update doesn’t include them, the reported February sales continue to increase. Where's the market going? Although I indicated in last month’s Year End Market Update that we may not know where the market is headed until the end of the first quarter, it
Philip Hardcastle · Feb 25, 2025

2024 San Miguel de Allende Real Estate Market Update

Welcome to Our Real Estate Market Update. 2024 was a great year for real estate sales in San Miguel de Allende considering that it was an election year both in Mexico and the USA where many people sit on the fence until the outcomes become clear. San Miguel saw 404 total resale properties close in 2024 compared to 425 in 2023, and 521 during the last peak market of 2022 post covid. Where's the market going? We don't anticipate major changes in the San Miguel real estate market for the next co
Philip Hardcastle · Jan 15, 2025

Monthly Market Update April 2024

Inflation will continue to push prices up. The costs of the materials and labor continue to increase the Replacement Costs calculations to value a property will also continue to increase. This will...
Philip Hardcastle · May 22, 2024

1st Quarter 2024

Many sellers will hold out for the higher sales price, but as I have learned in my almost twenty years in San Miguel real estate, there are always sellers who will either...
Philip Hardcastle · May 13, 2024

San Miguel de AllendeÂŽs Real Estate Market Continues Strong

It has not been uncommon for us to work with clients who visit every few months or years until they finally figure out what they want to do with the rest of their lives. 
Philip Hardcastle · Oct 26, 2023

San Miguel de Allende Becomes the Place to Escape (part 2)

Waiting for property prices to fall in San Miguel before buying a home probably won't prove to be a good plan.  Unless some drastic world event(s) happen, my bet is that the dollar will continue to devalue for the next year or so, meaning...
Philip Hardcastle · Jun 01, 2023

Why Real Estate in San Miguel de Allende Will Remain a Solid Long Term Investment

As a result, Mexico unseated China as the largest exporter to the US in 2023, and become one of the top 10 exporters globally. It is this economic strength that will keep San MiguelÂŽs real estate a stable long term investment.
Philip Hardcastle · May 07, 2023

San Miguel de Allende continues to escape the global real estate standstill.

I think what we are actually seeing both in real estate and in consumer goods and services is the devaluation of our fiat currencies.  Fortunately for now, the US dollar is the desired currency and will probably remain stronger than...
Philip Hardcastle · Feb 21, 2023

San Miguel de Allende Becomes the Place to Escape

When the stock markets were up because many buyers, even if planning to eventually live here full time, were cashing in investments to purchase a second home.  But most of those escaping seem to be selling properties elsewhere to purchase a property in San Miguel. This means that...
Philip Hardcastle · Sep 14, 2022

San Miguel de Allende Market Overview April 2022

The US Fed raising interest rates has put a huge damper on US home sales as buyers now need 50% more income to qualify for the same loan as just a few months ago.  Obviously this should push real estate prices down.  However...
Philip Hardcastle · May 30, 2022

San Miguel de Allende Market Update February 2022

We are starting to see prices slightly increase for homes that are well located and in better than average condition, the main indicators we see as sales activity increases are that there is less negotiation on the actual sales prices compared to...
Philip Hardcastle · Mar 01, 2022

San Miguel de Allende Market Update January 2022

At first glance, it appears that the inventory of homes is still fairly high in San Miguel de Allende and that we still have 19 months of inventory.  However, anyone who has been paying attention to the market can see that...
Philip Hardcastle · Jan 22, 2022

Is it Still A Good Time to Buy Real Estate in San Miguel de Allende?

Este mercado se ha vuelto enorme y las casas terminadas pueden igualar el tamaño del mercado de reventa. Si incluyeras todas las unidades parcialmente construidas y permitidas pero aĂșn no construidas, todo este mercado tiene...
Philip Hardcastle · Dec 21, 2021

Is Now the Time to Buy in San Miguel de Allende?

The importance of the stock market in this context isn’t a prediction of whether it will go up or down but rather the broad impact it has on most things financial, consumer confidence, and...
Philip Hardcastle · Jun 05, 2021

San Miguel de Allende Real Estate Market Update February 2021

I don't really see any data point which would cause prices to drop much further or cause prices to quickly appreciate.  The sense that there is pent-up demand will probably help the sales volume...
Philip Hardcastle · Mar 15, 2021

Realty San Miguel Market Update January 2021

The price correction we have seen in the past few months is probably coming to an end as most of the fluff has been taken away.  Most will not...
Philip Hardcastle · Feb 08, 2021

Realty San Miguel Market Update October 2020

There were two positives in October.  First, the median price of all properties declined by $38,000. Second, the percentage sold below the asking price increased to 11.05%.  This means ...
Philip Hardcastle · Nov 10, 2020

Real estate buying strategies - Fall & Winter 2020/2021

So what should your buying strategy be when you are looking to purchase a home in San Miguel de Allende this fall and winter season? The answer somewhat depends on your own personal situation. To individualize your strategy...
Philip Hardcastle · Oct 30, 2020

20 YEARS of Inventory In The Million Plus Market

...being optimistic and hoping for two more before the end of the year, that would mean that only ten homes priced at or over a million dollars will sell this year! 
Philip Hardcastle · Oct 07, 2020

Four Plus Year of Inventory and Growing

In early 2017, our inventory was as low as I had ever seen it and within the MLS there were only 175 properties listed for sale.  Today, there are over 850 resale properties for sale and it looks like there will only be around 150 sold this year.
Philip Hardcastle · Oct 07, 2020

Market Update October 1, 2020

Tracking 34 years of cycles in San Miguel, we should continue on a downward trend both in volume and prices. However, SMA is probably way more connected to the global economy today than it was even 15 years ago so this cycle may not track with the previous cycles.
Philip Hardcastle · Oct 01, 2020

Is San Miguel de Allende Open to Visitors or Shut Down?

Some clients, who had just arrived yesterday, described entering without problems and easily received their tourist visas.  
Philip Hardcastle · Sep 30, 2020

What Will Help My House Sell?

The ones that are newer or have been remodeled sell better than a home that is feeling dated - even if it is in tip-top condition. In boom times buyers will often...
Philip Hardcastle · Sep 29, 2020

Buyer Beware – Only 50% of All Homes For Sale Are Reasonable Priced!

We found that slightly over 40% of the homes currently for sale were still priced at or above the peak prices of mid-2018. The percent of “overpriced” homes went to more than 50% when you take into account the price decline of 2019. Of course “overpriced” is relative, but

Philip Hardcastle · Sep 29, 2020

US & San Miguel Market Disconnect – Hopefully Closing Soon

There are always sellers here who are under outside or self-imposed pressure to sell. Since almost all homes here are purchased with cash versus a mortgage, selling a home in San Miguel represents liberating a nice chunk of cash which provides a lot of flexibility

Philip Hardcastle · Aug 05, 2020

Mexico's Economy

... news from Mexico these days is mostly good ... the second largest economy in Latin America, has remained resilient to the U.S. slowdown and the financial turmoil from Europe.
Philip Hardcastle · Aug 02, 2015

Bouncing off the Bottom


 given that Centro is the hottest real estate market in San Miguel de Allende. It was the last to see the decline in prices after the crisis began and will be the first to recover as the downturn ends.
Philip Hardcastle · Feb 28, 2015